OMG Finance Task Force (FDTF):
Summary of Activities
By
FDTF Members
March 13th 2012
Contacts: Harsh Sharma, Mike Bennett, Joseph Bugajski
harsh.w.sharma@citi.com mbennett@edmcouncil.org Joseph.Bugajski@gartner.com
Index
•
•
•
•
•
•
Primer on OMG
Semantics: it's all about meaning, context…
FDTF’s approach for Semantics representation
Summary of FDTF activities
Architectural alignment of industry models
Future state: ‘Linked Semantics Networks’
2
Object Management Group – The Home of Modeling Standards
Primer on OMG
• Established in 1989, OMG is one of the largest international, open membership, not-for-profit computer industry
consortium
• 300 plus members across private & public sector, governments and standards organizations
• OMG members define the requirements , develop, adopt, implement, maintain and govern the Specifications
• At least one implementation of each Specification is mandatory within 12 months of adoption
• OMG Specifications once adopted, become public standards; many of them have become ISO standards
Domain Specific Business Natural Languages, Models, Interchange Formats, Software Solutions, Tools, built
on 400 plus OMG standards
Domain Task Forces
Finance, Healthcare, Telecom,
Space, Business Modeling &
Integration…
Platform Task Forces
Middleware, Analysis and Design,
System Assurance …
Special Interest Groups (SIGs)
Business Architecture,
Regulatory Compliance…
Councils
Chief Data Officer Council,
Cloud Standards Customer
Council
Business value, motivation, decision and requirements modeling
Business Natural Language (business concepts, rules, context)
OMG Process: Neutral and Sustainable
Business Process, Events Modeling
Records Management
Regulation Modeling
System (IT, other) Modeling
Mapping to defense and other
industry frameworks
Model Driven Architecture
MOF- MetaObject Facility, UML- Unified
Modeling Language
XMI-XML Metadata Interchange
Service (SOA) Modeling
Data Distribution and Interchange
Data life-cycle Modeling
Software Agents Modeling
Middleware interoperability
3
Semantics: it's all about meaning, nuances…
4
FDTF’s approach for semantics representation
*Semantics is the study of meaning. It
focuses on the relation between
signifiers, such as words, phrases,
signs and symbols, and what they
stand for.
* http://en.wikipedia.org/wiki/Semantics
Meaning of
Business
Concepts, Things
Context
Organization,
Process, Time,
Geography,
Regulatory…
Business
Rules
Represented
as
?
OMG Modeling, Traceability
and interoperability
Standards
Text
Natural Language, Speech
Community
Models using formal
modeling languages
and symbology
Technology/platform
Agnostic Models
• Business Process, Ontology
Models (business view)
• Logical data models (data
view), Class Diagram, other
Implementation
Models
• Physical data models
• System, Service models…
Interchange Formats, Code
XMI, RDF, OWL, DDL etc.
Used by Business
SMEs, Legal,
Architects, IT…
Used by many
Business SMEs,
Architects, Data
Analysts,
Modelers
Used mostly by
IT
Used mostly by
IT
5
FDTF Landscape
Major Standards, Initiatives
•
•
•
•
•
ISO20022
ISO15022
ISO17442
ISO1087
FIBIM
International
Standards
Organization (ISO)
• Data Maturity Model
• FIBO
• FIX Protocol
Messages
• FpML Messages
Enterprise Data
Management
Council
• FIX
• Financial
Products Markup
Language
• XBRL Taxonomy,
Models
• US GAAP, IFRS
Mortgage Identifier
MDDL
MDMI Maps POC
ACORD Messages/
Interoperability Maps
• Requirements for
Systemic Risk Analysis
• OTC Derivatives POC
• Metrics for cost of
regulations
Analysis & Design
Task Force
Business Modeling
& Integration
Finance
Task Force
Ontology PSIG
Data Distribution
PSIG
OMG Standards
• Core MDA standards (MOF,
UML, XMI)
• Information Modeling
Metamodel (IMM)
• Agent Metamodel
• Event Metamodel
• Value Delivery Metamodel
• Business Decision Modeling
• Semantics of Business
Vocabulary & Rules
• Ontology Definition
Metamodel
• Date/time Ontology...
• Data Distribution Service (DDS)
XBRL
• Service (SOA)
Taxonomy for
financial services
•
•
•
•
OMG Groups
Non-OMG Groups
Banking Industry
Architecture
Network (BIAN)
•
•
•
•
MISMO
MDDL
SWIFT
ACORD
CFTC, OFR, SEC,
Treasury, White
House OSTP
Cloud Standards
WG
• FDTF standards
• FDTF-Partner
Standards
Architecture
Driven
Modernization PTF
Government Task
Force
Regulatory
Compliance SIG
• Cloud Modeling Standards
• Knowledge Discovery
Metamodel (legacy system
modernization)
• Record Management Standards
• Regulation life-cycle Modeling
6
Finance Domain Task Force (FDTF): Standards, Applications and Consumers
Consumers of FDTF standards
Business SMEs
Government/Regulators
Risk, Finance, Legal, Front/Middle/Back-Office
Software Vendors/SIs/Consultants
OFR, SEC, CFTC, other Agencies
Architects, Modelers, Data Mgmt staff, developers
Industry Analysts, Academics, NGOs
Sample Business Usage/Applications of FDTF Standards
Regulatory Reporting
Dodd-Frank, Volcker Rule,
Basel II/ III
‘Business Value Metrics’ for
Business Critical Elements
(Risk Modeling, Regulatory
Capital…)
Trade Heat Map
(Trade Settlement Fails
Analysis)
Impact analysis of:
Corporate Actions, Event
based Costing, other
Complex Events…
Analysis, Simulation of
Counterparty Credit Risk,
Systemic Risk…
Financial Industry Speech Communities (English, other languages)
(Human and machine readable Terminology for: Reference Data (Instruments, Legal Entities, Pricing…), Corporate Actions, Trade Transactions, Accounting…)
FDTF standards
Financial Industry Business Ontology (FIBO)
•
•
•
•
•
•
Business Entity Hierarchy
Financial Instruments Taxonomy
Corporate Actions
Identifier Taxonomy
Date/time concepts
Loans…
Business Critical Attributes for Counterparty
Credit Risk Modeling
Trade Heat Map
• Trade Process Model of
major life-cycle Events
• Trade Semantic Model
• Critical attributes for trade
reconciliation, surveillance…
Property and Casualty Insurance
• Insurance business vocabulary, logical data
model
Data Requirements matrix for Dodd-Frank
Regulation
Model Driven
Messaging &
Interchange
Semantics Framework,
Business Natural
Language and abstract
model for XBRL
Business Natural Language for Financial Services
OMG Modeling Languages Used in FDTF Standards
Business Modeling Languages
• Business value, motivation, decision and
requirements modeling
• Business Process modeling
• Business rules and vocabulary modeling
• Regulation life-cycle modeling
• Information life-cycle modeling
• Records management, business event modeling
Core Modeling
Framework, Standards
• Model Driven Architecture
• Meta Object Facility, Unified
Modeling Language, XML
Metadata Interchange
Technology Modeling Languages
•
•
•
•
•
System Modeling
Data distribution and exchange
Service (SOA) modeling
Software Agent modeling
Model transformation and interoperability
7
Alignment of Industry Models: Executive Summary by IBM
•
Industry models are used for different
purposes by different roles using different
tools; IBM experience (feedback from
customers as well as product teams) suggests
that an architectural approach to industry
models has significant benefit
Enterprise Architecture Models
Event
Model
(…)
Glossary
Semantic
Model
(OWL, …)
Capability
Model
(…)
Policy &
Rule Model
(…)
Ontology
Model
(OWL)
Measures
(…)
Business
Terms
(…)
Business
Object Model
(…)
Business
Process
Model
(BPMN 2.0)
Process Models
Interface
Design Model
(SoaML, WSDL)
Analytical
Terms
Business
Data Model
(UML, …)
Service Design
Models
(SoaML)
Operational
Design
Model
(…)
Software Models
Data Models
Atomic
Warehouse
Model
(…)
Dimensional
Warehouse
Model
(…)
Functional
Terms
Supportive
Glossaries
 Semantics of industry content is as important as form; clear semantics requires
clear definitions of type of content as well where/how that content is intended to
be used
 An industry model architecture must define the intrinsic concepts and terms that
are common across all artifact type meta models; it must be method and tool
agnostic as well as extensible
 Standardization industry model architectures will aid content as well as tool
integration and will enable improved collaboration across the enterprise
8
IBM Confidential
Future state: ‘Linked Semantics Networks’ (some early thoughts)
Business Natural Language Processing, Machine Learning, Artificial Intelligence
Watson, Siri, Skyvi, other Semantic Reasoners…to find the ‘Right Needles’ in Haystacks
of data
Linked Networks of Semantics using URIs
URI Registry/Namespace alignment?
W3C
ISO
OMG
FpML
FIX
EDMC
MDDL
XBRL,
other…
Islands of Data
Private Sector Data
(internal) Structured,
unstructured…
Public Sector Data
(Structured, unstructured)
Data.gov, public disclosures
etc.
Social Media
Twitter, Facebook, Google+
etc.
9
Acronyms

























ACORD - Association for Cooperative Operations Research and Development 
CFTC - U.S. Commodity Futures Trading Commission

DDS- Data Distribution Service

DTF - Domain Task Force

FIBIM - Financial Instrument Business Information Model
FIBO - Financial Industry Business Ontology
IMM - Information Management Metamodel
KDM - Knowledge Discovery Metamodel
MDDL – Market Data Definition Language
MDMI – Model Driven Message Interoperability
MISMO - Mortgage Industry Standards Maintenance Organization
MOF- MetaObject Facility
MRC- Management of regulatory Compliance
NPO – Not for Profit Organization
ODM- Ontology Definition Metamodel
OFR – Office of Financial Research (US Treasury)
OSTP – Office of Science and Technology Policy –White House
PSIG - Platform Special Interest Group
PTF - Platform Technology Group
SBVR - Semantics of Business Rules and Vocabulary
SEC – Security and Exchange Commission
SI – Systems Integrator
SoaML – SOA Modeling Language
UML - Unified Modeling language
US GAAP - Generally Accepted Accounting Principles
RDF -Resource Description Framework
XMI – XMl Metadata Interchange
OWL –Web Ontology Language
DDL - Data Definition Language
10